lol
The problem here is that many political types, particularly the right wing, but also liberaterians are actively attempting to change the definition.
Start here, with 2 basic dictionary definitions:
from answer.com:
n.
An economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market.
an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.
From Merriam Webster:
Definition of CAPITALISM
: an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
See capitalism defined for English-language learners »
See capitalism defined for kids »
NOW, go to this site that appears to be put up by ayn Rand supporters
http://capitalism.org/ :
Capitalism is a social system based on the principle of individual rights. The term capitalism is used here in the broader philosophical political sense, and not in the narrower economic sense, i.e. a free-market. The Capitalism Tour is the most popular feature of this site. The rest of The Capitalism Site assumes you are familiar with the material provided in the tour.
The top of the site has a quote attributed to Ayn Rand:
"The moral justification for capitalism lies in the fact that it is consonant with a man's rational nature, that it protects mans survival qua man, and its ruling principle is justice"
I mean going from "he who makes the most money gets to decide the system to "ruling principle is justics" is a VERY long stretch unless you get your morals from Machiavelli. Sadly, Machiavelli seems to dictate a LOT of business leaders today.. and worse, the couch it with a form of Christianity, at least for the "masses".
Contrast Ayn Rand's quote with one from Terry Eagleton in Harper's (2005 -- cited below Webster's dictionary definition on the Webster site).
" Capitalism is at once far too rational, trusting in nothing that it cannot weigh and measure, and far too little as well, accumulating wealth as an end in itself." —Terry Eagleton, Harper's, March 2005
Wikki does a good job of adding blurr:
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism.[1] There is no consensus on the precise definition nor on how the term should be used as a historical category.[2] There is general agreement that elements of capitalism include private ownership of the means of production, creation of goods or services for profit or income, the accumulation of capital, competitive markets, voluntary exchange and wage labor.[3][4] The designation is applied to a variety of historical cases, varying in time, geography, politics and culture.[5]
Economists, political economists and historians have taken different perspectives on the analysis of capitalism. Economists usually emphasize the degree that government does not have control over markets (laissez faire), and on property rights.[6][7] Most political economists emphasize private property, power relations, wage labour, class and emphasize capitalism as a unique historical formation.[8] Capitalism is generally viewed as encouraging economic growth.[9] The extent to which different markets are free, as well as the rules defining private property, is a matter of politics and policy, and many states have what are termed mixed economies.[8] A number of political ideologies have emerged in support of various types of capitalism, the most prominent being economic liberalism.
OVERALL.. the definition is pretty basic, but the implementation and impacts are not necessarily. So, too many people try to therefore change the basic definition so they can slant their arguments to make their beliefs/ideas something supported by capitalism.
